In today’s time, online payment has become one of the necessities. No doubt it is now replacing the notes and has been growing at a faster scale. As per the statistics made, the revenue which is generated from the global mobile payment market has raised from nearly USD 450 billion to now USD 900 billion which of course is not a tiny amount and it seems the prediction states there is more of the growth to it. That is why build a mobile wallet app which can be a good idea for your business in many ways.
Know more about the Mobile wallet payment apps
A wallet app is more like an application that offers an option to the store and linking it to different payment methods be it digital money or even debit and credit cards. Such type of app also comes with loyalty points and coupons along with some other features such as an Omnichannel banking solution. It all depends on the developer and hence, it is important to consider every aspect of it before starting.
Different Industries gaining better profit with wallet app
- E-commerce & Retail: Whether it is coupons, bargains, or even the other payment-related data, this industry can store it all in such an app.
- Financial firm: Such type of app can integrate and then offer many other best services to their respective customers.
- Transportation industry: Whether it is to book tickets or travel on an emergency basis, this app will do the job of quick online payment without visiting the store.
Other than this it is the grocery business and telecommunication firms as well that prefer such type of app to offer their respective customers a wide range of services. But one thing remains the same and that is if the app is not safe or it seems to be weak then it will not grab the attention of the customers.
Always remember, a build money transfer app that is not secured can create the loss of the customers since there is a huge risk for their money to get hacked or stolen.
Different mobile wallet Types
Such type of mobile wallet app development is categorized into a different type. For better understanding, some of the examples are highlighted too.
- Digital wallet: This kind of wallet is the finest example for those mobile users who usually rechange from their respective mobile communication providers. This way the user gets and sends the remittance using the mobile operator.
- SMS message: Some wallets transfer the fund with the help of an SMS message. The message comes in a shortcode that stays hard for a few minutes. The moment user enters the right code, the amount either gets credited or debited as per the user’s action.
- NFC-based wallet: This type of wallet uses NFC technology. It works the best with the mobile app along with certain equipment that is designed into a smartphone. This offers the payment without any contact.
Keep in mind that a mobile wallet service is a blend of mobile communication service providers along with financial establishments and banks.
Know the way a mobile payment system works
There is no hard and fast rule for using such type of system. Firstly, the user needs to have an app that offers a mobile wallet service.
- The user then must open the app and use the password or pin code for authentication of its profile. There are also additional options like fingerprint scanner that can be used for authentication.
- The user will have to select the banking account or the car that has been integrated with the app earlier and confirm if they are using the same account for the current transaction.
- Surer will further have to select some offer or say a loyalty program for the client which they can make the best use of in the future.
- The users need to achieve such a goal so that they can connect to the payment terminal.
Integrating the payment getaway in an App
One rule remains the same and that is if you are using the mobile app for the payment then the use of only NFC technology should be done. It can help to transfer the information associated with the payment. The business owners must have a PoS system (Point of Sale) that would offer better NFC chip support.
It can help in receiving the payment from their respective phones. Other than this, there are also different systems of payments that can be useful for the app. Talking of which Braintree, PayPal, and even Stripe to name some are the best options.
Quick tips that can help
- Do good homework:
You need to create a powerful e-wallet app and you cannot just start making one randomly. Good research is important. It should include understanding the customers and see if they are quite okay with using such an app.
You may want to dig in the past of different wallets and understand their working pattern and what should be possibly avoided. Learning from other wallets mistakes can prove a better source for your app version.
- Understand the payment type and choose one
There are several ways to pay online. However, online commerce payment, point of sale, mobile P2P payment transfer app are some of the trending cashless payment apps. The online commerce payment allows customers to make the payment online.
With Mobile P2P transfer the customer can do money transfer with mobile. Point of Sale allows the customer to use the mobile for paying at the store.
- Wearable support:
If you have good support of the wearables such as Android or Apple watch then you have a good scope to create a wallet app that is powerful and highly secured.
- Make use of the NFC technology:
You need to learn more about the technology if you want to look out for the right mobile payment app source. NFC technology is a remote contactless solution that works even at 10cm without any problem
It offers the user a contactless payment with complete security for PoS devices and even smartphones. Technology work like Bluetooth. The only difference is the speed with NFC has got better over Bluetooth
For Better security, use this:
- QR codes: You can create the QR code as a special service for security. For this, you need to encrypt the data then create a code and make a picture of the same on the receipt. This would make sure the customers get a QWR code on the screen to make the payment securely.
- End-to-end encryption: This is another robust technology that helps to complete the transaction. This data must be encrypted soon after you start using the phone for payment till the authorization page.
- Tokenization: It is made especially for the mobile app platform. You don’t have to share card detail but the details are changed in the form of a token that looks like some random number.
- Password: This tool is extremely traditional but protects the app effectively. The information stays safe as the user only knows the password.
It is a wise decision if you want to start with a digital wallet app development since it targets several users in less time. Even the study shows that there are so many users of mobile banking as compared to the one who visits or is part of the bank. Hence it is a wallet app that can allow you to target them right.
Nikunj Gundaniya, Product manager Digipay.guru, one of the leading wallet app development company. He is a visionary leader whose flamboyant management style has given profitable results for the company. He believes in the mantra of giving 100% to his work.